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Slang Worldwide Files For Bankruptcy

The latest filing comes from Slang Worldwide (CSE: SLNG), who operates in the US, where it distributes its products across thirteen states. The firm this morning filed an assignment into bankruptcy under the Bankruptcy and Insolvency Act.

The filing however comes as no surprise to investors, with the company earlier this month announcing a wind-down plan for the company and its assets with secured lenders. The plan, which was required following the firms inability to repay a credit agreement it entered into 2021, began with the disposition of its assets in Colorado by way of a receivership proceeding.

You can read more on the matter here.

What’s going on?

• Fentanyl Deaths in US Show Historic Decline, CDC Report Finds (theDeepDive)

• Trump camp says China is ‘attacking’ U.S. with fentanyl. They aim to fight back (Reuters)

• Slang Worldwide Files For Bankruptcy (theDeepDive)

• Ottawa plans clamp down on foreign jobs-for-sale scam, and asylum reforms (Globe)

• Trump’s Sweeping 25% Tariff on Canada, Mexico Threatens Economic War (theDeepDive)

• Citigroup slashes promotions as it seeks to overhaul bank (FT)

• US Expands Russia Sanctions, Finally Targeting Gazprombank and Banking Network (theDeepDive)

• US New-Home Sales Slump to Two-Year Low After Storms in South (Bloomberg)

• Japan’s Shikoku Bank: Controversial Seppuku Pledge May Have Just Been Historical (theDeepDive)

• Consumer debt continues to grow, reaching record $2.5T, credit bureaus say (BNN)

• US Regulators Clear Kairos Power’s Tennessee Reactor Project (theDeepDive)

• Orange enlists Meta and OpenAI to develop AI language models in Africa (Reuters)

What’s the latest?

• Consumer Debt : Consumer debt in Canada hit a record $2.5 trillion in Q3, with a 4.1% year-over-year rise driven by gen-Z borrowers entering the credit market. Missed payments rose most among newcomers and recent borrowers, though the pace slowed due to interest rate cuts. Auto loans were a key contributor, with non-bank loans up 12% and bank loans up 2.7% year-over-year.

• Bitcoin: Bitcoin fell over 2% to $92,277.19, retreating further from its $100,000 milestone as investors booked profits, with a low of $91,433.54 earlier. The broader crypto market, measured by the CoinDesk 20, declined nearly 6%, and bitcoin ETFs saw $438 million in outflows after a five-day inflow streak. Analysts attribute the pullback to profit-taking by long-term holders and suggest consolidation may precede further bullish moves.

• Couche-Tard: Alimentation Couche-Tard’s Q2 earnings fell 13.5% year-over-year to $708.8M, with diluted EPS down to $0.75 from $0.85 due to lower U.S. fuel margins and hurricanes impacting store operations. Revenue increased 6% to $17.4B, driven partly by expanded alcohol sales in Ontario. Couche-Tard continues its bid for Seven & i, despite challenges from a rival proposal by the founding family, aiming to merge its 16,800-store network with Seven & i’s 7-Eleven empire.

• AI: Axon’s AI-powered tool, Draft One, reduces police report-writing time by over 60%, cutting average completion from 23 minutes to 8. Piloted in 75 departments, it has safeguards requiring officer review and approval to ensure accuracy. Legal experts highlight risks like potential bias, inaccuracies, and courtroom challenges, especially if reports are heavily AI-reliant. Competitors like Truleo and 365 Labs focus on real-time voice notes or grammar assistance, emphasizing the need for human oversight in complex cases.

• Trump's Tariff Threat: U.S. president-elect Donald Trump plans to impose a 25% tariff on all Canadian and Mexican products starting January 20, 2025, unless border issues are resolved. In response, Canadian Prime Minister Justin Trudeau will hold a virtual meeting with all provincial premiers on Wednesday at 5 p.m. EST to coordinate a unified approach. Currently, Canada supplies 60% of the U.S. crude oil imports, making the potential tariffs highly impactful. The Canadian Chamber of Commerce warns that a 25% tariff could push the Canadian economy into a recession, significantly increasing foregone income compared to the initially proposed 10% tariff.

Mako Mining Q3 2024 Earnings

The stock market and stuff

• Four employees of Canadian miner Barrick Gold detained in Mali, sources say (Globe)

• New Gold: A Hidden Gem Among Canadian Gold Producers (theDeepDive)

• Couche-Tard confident in persistent but friendly approach to bid for 7-Eleven owner (BNN)

• Oil Rises as OPEC+ Considers Delaying Planned Production Boost (Bloomberg)

In the juniors

• Plurilock Lands US$1.2 Million Contract In Critical Services Segment (theDeepDive)

• Canada Nickel Files Impact Statement For Crawford Nickel Project (theDeepDive)

• Silver47 Hits 601 g/t Silver Equivalent Over 22.32 Metres At Red Mountain (theDeepDive)

• Cassava Sciences Stock Plummets Amid Trial Failure and Shkreli’s Takedown (theDeepDive)

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